Vietnam: Failing to follow procedures for taking and paying out deposits shall be fined up to VND 40 million

08:30, 16/11/2019

This is a content specified in Decree No. 88/2019/ND-CP of Vietnam’s Government providing for penalties for administrative violations in the monetary and banking sector.

According to Article 12 of Decree No. 88/2019/ND-CP of Vietnam’s Government, a fine ranging from VND 20.000.000 to VND 40.000.000 shall be imposed for failing to follow procedures for taking and paying out deposits. Moreover, this fine is also imposed for:

Phat hanh vi nhan, chi tra tien gui khong dung thu tuc, Nghi dinh 88/2019/NĐ-CP

- failing to publish or post information about taking of deposits and issuance of financial instruments, which must be published or posted as prescribed by law;

- taking deposits or issuing financial instruments against openly published or posted information.

Besides, Decree No. 88/2019/ND-CP also stipulates that a fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

- taking deposits from or issuing financial instruments to entities that do not meet relevant eligibility requirements set by law;

- taking deposits or issuing financial instruments against law regulations, except for the cases prescribed in Clause 1, Point a Clause 2 of this Article.

View relevant provisions at Decree No. 88/2019/ND-CP of Vietnam’s Government, effective from December 31, 2019.

Thu Ba

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